If Your Total Liabilities Are $600

question 28

Multiple Choice

If your total liabilities are $600.00 and total assets are $750.00,what is your net worth?

• A)$1,350
• B)$150
• C)-$150
• D)$750

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Definitions:

Insurance Company

A financial institution that provides a range of insurance policies to protect individuals and businesses against the risk of financial losses in return for premium payments.

Economic Loss

Financial damage suffered by a person or entity, often due to breach of contract, negligence, or external market factors.

Insurance

A contract whereby one party pays premiums to another party who undertakes to pay compensation for losses resulting from risks or perils specified in the contract.

Insured

A person or entity covered under an insurance policy, receiving protection against specified losses or damages in exchange for payment of a premium.